Liberty Dollars, NORFed & the FBI opinion on possession

I think the scenario under which purchasing them would be illegal could be potentially present until such time as spot price exceeds Face. The reason is similar to gift cards. If someone buys the coins under the impression/understanding that the coins are accepted at face by some locales, then they would be breaking the law with intent. Now, the question is "how likely is this to happen?" It's probably unlikely, but still possible. People overpay for Visa/MC/Amex Giftcards on eBay all the time. The basis of overpay is different for each person, but the underlying theme is the expectation of intrinsic value related to the Face amount.

Here's an example:

eBay recently (last week) ran a promotion with Groupon selling $15 in eBay value for $7. Additionally, yesterday was the first day of first quarter eBay Bucks being credited to accounts. If you had $40 in eBay bucks and the $15 Groupon coupon, you could buy a Liberty Dollar for $55, assuming you could dispose of it at $50 face. Your net would be the $3 profit exceeding your $7 payment to Groupon plus the $40 in eBay bucks being liquidated into cash. In this scenario, the buyer purchased with the intent to distribute as tender.

Now, the appropriate scenario is the one that actually happened. Liberty Dollars were sold at a discount to face to distribution centers. These individuals/businesses would then distribute the LDs into the currency stream, either by presenting LDs as change for tender transactions or by using them to purchase goods.

I might be missing your point, but it seems clear to me that the buyer is the one violating the law in that scenario.

 

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http://sites.google.com/site/libertydollarencyclopedia/

 

Would King Farouk have bought one of these "coins"?

 

I'm a huge fan of the NORFED rounds and have a lot of 'em. Silvers and coppers. Every time I have bought one online, there has always been a disclaimer about not using them as currency.

 

Forgot to mention, that anyone interested in NORFEDs should also take a gander at the AOCS rounds, too.

 

Too bad for the holders of the paper, the time is running out where anyone would offer FRNs in exchange. And a lot of metal is being forfeited, I haven't done the math but it looks like nearly $10 million:

"Included on the forfeiture list are 8 tons of precious metals, including 168,599 silver Liberty Dollars in various denominations, an additional 1,000 pounds of silver bullion and 3,039 pounds of copper coins."

http://www.quatloos.com/Q-Forum/viewtopic.php?f=8&t=5652&p=117243&hilit=von+nothaus

Thank you "North Korea" for your research.

Originally Posted by jasontheman07
yeah i am a big fan of Ron Paul as well, so that is why I would love to have one with his name on it. As a side note, John McCain said "Ron Paul is the most honest man I have ever met." - and that is why I think he should run for president in 2012!

Though I would agree that Ron Paul is honest, defined as:
honorable in principles, intentions, and actions; upright and fair: an honest person.

He sure does keep friendships with some pretty unprincipled people! He has gone to a lot of conventions of people who are experts at tax avoidance, if not fraud. And while I believe in a balanced frugal U.S. budget, I do not believe that two wrongs make a right or that unethical business practive can ever be accepted.

Read more: http://www.cointalk.com/showthread.php?t=165487&page=3#ixzz1IgVMS2Yo
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